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If you’re an 18-year-old with no credit history, you can get a loan, but your choices may be more limited. You may have to tap into alternative options and sources, such as loans with a cosigner.

That’s because lenders like to lend to people with a history of borrowing and on-time payments. Oftentimes, young people just starting out have no credit history. This means they have no credit accounts in their name or haven’t used credit for a long period of time and the information has been removed from their credit history. Without credit, it can be difficult to access loans or credit cards, rent an apartment or buy a house, and obtain certain subscriptions.

Let’s take a closer look at loans for 18-year-olds.

Benefits of Loans for 18-Year-Olds

Two important benefits of getting a loan as an 18-year-old include gaining access to funds and building up credit history.

Access to Funds

The obvious benefit of getting loans as a young person is that you will have access to the money you need. Depending on the type of loan you get, you may be able to use the funds for a variety of purposes, including:

•   Education

•   Purchasing big-ticket items, such as a car

•   Personal expenses, such as medical or wedding expenses

Build Up Your Credit History

Loans allow you to start building up your credit history, which can help you meet goals such as:

•   Getting a cellphone

•   Accessing utilities in your name

•   Qualifying for a credit card

•   Getting good rates on insurance, a mortgage, or auto loan

Plus, establishing a strong record of borrowing and repayment can position you well for future borrowing.

💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

Cons of Loans for 18-Year-Olds

While there are benefits to getting a loan when you’re 18, there are downsides to consider as well. Let’s take a closer look at a few.

Limited Loan Amounts

You may not be able to borrow a large loan amount when you’re young and just starting out. For example, if you want to purchase a $500,000 home as an 18-year-old and have no credit history, you’ll likely have difficulty qualifying for this type of loan.

Potentially High Rates

It’s possible to get a loan with no credit as a young person, but lenders may charge a higher interest rate than if you had an established credit history.

Why is that the case? Lenders try to assess your risk level when you apply for anything from a personal loan to a credit card. If they can’t see evidence that you have successfully made loan payments, they may not grant you a loan or they may compensate for that risk by charging you a higher interest rate.

Some lenders consider other aspects of your profile beyond credit history, including whether you can comfortably afford your payments.

Risk of Getting Into Debt

According to a consumer debt study conducted by Experian, Generation Z (those aged 18-26) had a non-mortgage debt average of $15,105 in 2023. This includes credit cards, auto debt, personal loans, or student loans.

While carrying any level of debt can be stressful, there are also financial implications to consider. For starters, if you don’t pay off your balance in a timely way, interest can start to build. Credit cards tend to carry higher interest rates than home or auto loans. This means wiping out credit card debt could take a long time if you only pay the minimum amount.

Then there are potential penalties to be mindful of, such as late fees. You may also face collection costs if you don’t pay your bills, which will remain on your credit report and potentially impact your credit score for years.

Recommended: Why Do People Choose a Joint Personal Loan?

Is a Co-Signer Required When Applying for Loans as an 18-Year-Old?

Not all lenders require a cosigner, so be sure to ask if you’ll need one. In most cases, a loan without a cosigner will likely have a lower loan amount and a higher interest rate.

What exactly is a cosigner? Simply put, it’s a person who agrees to take responsibility for a loan alongside the primary borrower. If one person fails to make payments, it will affect the other person’s credit score.

Applying for a loan with a co-borrower or cosigner can be a quick way to get accepted for a loan.

Understanding Your Loan Status

Like many financial processes, applying for a loan involves multiple steps. Before you begin, you can use a personal loan calculator to estimate your potential monthly payments and understand how different loan amounts and terms could fit into your budget. Here’s a general idea of what’s involved:

•   Pre-approval: Pre-approval means that your lender takes a look at your qualifications (including a soft credit check). A soft credit check is an inquiry of your credit report.

•   Application: In this part of the process, you submit a formal application, and your lender will verify your information.

•   Conditional approval: You may also get conditional approval for your loan, which means the lender may likely approve you to get a loan as long as you meet all the requirements.

•   Approval or denial: Finally, you’ll either get approved or denied for the loan.

Your lender should be clear with you at every step of the application process.

Recommended: How to Get Approved for a Personal Loan

Private Lender Loan Requirements for 18-Year-Olds

There are no hard-and-fast requirements that encompass private lender requirements. However, lenders generally look at an applicant’s credit score, debt, and income.

Credit Score

There’s no universally set minimum credit score requirement for a loan because rules can vary by lender. It’s worth noting that low-to-no-credit borrowers may be able to access a loan.

Debt and Income

Lenders will check to see how much debt you have and calculate your debt-to-income (DTI) ratio, which ideally should be less than 36%. To figure out your DTI, lenders add up your debts and divide that amount by your gross income.

Lenders will also look at your income to ensure you can make monthly payments on your loan. This can include income from your job, a spouse’s income, self-employment, public assistance, investments, alimony, financial aid for school, insurance payments, and an allowance from family members.

Tips for Getting Loans as an 18-Year-Old

If you’re ready to get a loan as a young person, you can take steps to help boost your odds of getting approved.

Show Your Savings

Show the lender what you’ve saved in your accounts, which may include:

•   High-yield savings accounts

•   Certificates of deposit (CDs)

•   Money market account

•   Checking or savings accounts

•   Treasuries

•   Bonds, stocks, real estate, and other investments

Demonstrating savings can help you show that you can repay your loan.

Show Proof of Income

Lenders will likely require you to provide proof of income so they can see how you’ll pay for your loan. But remember, this doesn’t mean just the money you earn from a job. Consider other types of income you receive. For instance, you may not initially think of alimony as a source of income, but a lender might.

Apply for a Lower Amount

Lenders may deny your loan if you choose to borrow more money than you can realistically repay. So if you’re young and have no credit history, you may be able to increase your chances of getting a loan if you apply for a lower amount. You may also want to consider this strategy if you’re denied for a loan and want to reapply.

💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

The Takeaway

While most 18-year-olds don’t have a large income or lengthy credit history, that doesn’t mean you can’t qualify for a personal loan. Just remember that funding choices may be more restricted, and you might not qualify for a large amount. If you’re having trouble getting approved, you may want to consider asking someone to cosign the loan, showing proof of income and savings, or applying for less money.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Are there loans for 18-year-olds without a job?

You can get a loan without a job. However, you’ll need to show a lender that you have some form of consistent income, such as through investments, alimony, financial aid, or another source of cash flow.

Are there loans for 18-year-olds without credit?

Yes, loans do exist for 18-year-olds with no credit history. But note that even if you qualify for a loan without credit, it may be a lower amount than you could qualify for if you had a lengthy credit history. You may also not be able to get a low interest rate.

Can I get a loan as an 18-year-old?

Yes, 18-year-olds can get a loan. Your age matters less than your credit history and credit score — or the availability of a cosigner. Keep in mind that you may have trouble getting a loan if you don’t meet a lender’s qualifications. Contact a lender to learn more about your options.

How can I build credit as an 18-year-old?

If you want to start building credit, it may be worth exploring a secured credit card. Similar to a debit card, this type of credit card requires you to put down a cash deposit to insure any purchases you make. For example, putting down a $1,000 deposit, and that becomes your starting credit line on your card.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/SeventyFour

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL1023021

Even if your parents are high earners (or you’re a grad student with a good salary), it’s worth filling out the Free Application for Federal Student Aid, or FAFSA®. While your earnings are a factor on the FAFSA, there are no income limits to apply or to qualify for aid, and not all programs are based on need. The FAFSA also provides access to non-need-based programs, including institutional merit aid and unsubsidized federal loans.

Regardless of income, It’s generally recommended to fill out the FAFSA as close to its release date as possible. Typically, the form becomes available on October 1 for the following academic year. The 2024-2025 academic year, however, is an exception. Due to upcoming changes to the FAFSA (and some adjustments in how student aid will be calculated), the application will be available in December 2023.

Read on to learn more about income requirements to be eligible for financial aid and why it’s probably a good idea to fill out the FAFSA.

What Are FAFSA Income Limits?

There is no income maximum when you file the FAFSA as an undergraduate or graduate student to attend college or career school. In other words, any student attending or applying to an eligible school can fill out and submit the online form, even if their parents are high earners.

In addition, there are no simple FAFSA income limits — or income cutoffs — for financial aid eligibility, in part due to the complexity of financial aid formulas.

In general, to be eligible for financial aid, you’ll need to:

•   Have a high school diploma or a recognized equivalency, such as a GED, or have completed a state-approved home-school high school education

•   Demonstrate financial need (for most programs)

•   Be a U.S. citizen or an eligible noncitizen

•   Have a valid Social Security Number

•   Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program

•   Maintain satisfactory academic progress in college if you’re already enrolled. Standards for satisfactory academic progress vary by school

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

How Are FAFSA Needs Calculated?

Your eligibility for scholarships, grants, work-study, and federal student loans depends on two key factors: your Student Aid Index (SAI) and the school’s cost of attendance (COA).

If you’re a dependent student with divorced parents, the parent who provided more financial support to you should complete the FAFSA. This is a new rule effective with the 2024-2025 FAFSA. (In prior years the parent you lived with more, or the custodial parent, would file the FAFSA.) If the parent that provides more financial support has remarried, you need to report the stepparent’s income and asset information as well.

SAI

The Student Aid Index (SAI) is the new name for Expected Family Contribution (EFC). Like EFC, SAI is an eligibility index number that a college’s financial aid office uses to determine how much federal aid a student would receive if they attended the school.

SAI is calculated using the information you provide in the FAFSA, including family income, assets, and the size of the household. One change from EFC is that the number of family members currently enrolled in college is no longer taken into consideration. As a result, families with more than one child in college will no longer have an advantage in getting aid over those with just one going to college. Another difference: Unlike EFC, SAI can dip into negative territory (as low as -$1,500) to better differentiate levels of need.

The new formula also increases the Income Protection Allowance (IPA) that shelters a certain amount of parental income (enough to cover a family’s basic living expenses) from inclusion in the calculation of total income. This means that more of a student’s or family’s income will be excluded from the calculation than with EFC, which could mean that more families will qualify for aid.

IPA is based on family size. For example, a family of three (not including the student) can exclude $29,040 from their income for 2024-2025, while a family of three can exclude $35,870. Income above those figures — the family’s so-called discretionary income — is what counts when calculating SAI.

Recommended: 2024-2025 FAFSA Changes, Explained

Cost of Attendance

The cost of attendance (COA) of a college or university refers to the estimated cost of a year of attendance at that school, including tuition, lodging, food, transportation, and personal expenses.

When financial aid staffers at a college or university calculate the amount of financial aid you can qualify for, they take their COA and subtract your SAI (and any other financial assistance you are already receiving) to determine your financial need.

You can get an estimate of how much financial aid you might qualify for by using the government’s Federal Student Aid Estimator .

Grants and Loans That Require Financial Need

Here’s a look at a few federal grants and loans that require you to demonstrate financial need in order to qualify:

•   Federal Pell Grants

•   Federal Supplemental Educational Opportunity Grants

•   Federal Work-Study Program

•   Direct Subsidized Loans

Different Kinds of Financial Aid

You may be eligible to receive different kinds of need-based financial aid as well as non-need-based aid, including Direct Unsubsidized Loans and Direct PLUS Loans for parents or graduate and professional students.

For the 2021-2022 school year, the most recent year for which these stats are available, undergraduate and graduate students received $234.6 billion in financial aid through grants, federal student loans, tax credits, and federal work-study, according to the Trends in Student Aid report from the College Board. The average full-time undergraduate student received $15,330, while the average graduate student received $27,300.

Pell Grants

The Pell Grant is a need-based financial aid program from the federal government that is designed to help undergraduates from low-income families afford college. The Federal Pell Grant award amount changes yearly. The maximum Pell Grant award for the 2023-24 academic year is $7,395. (The amount for 2024-2025 has not been announced yet.)

The actual amount of Pell Grant you can receive depends on your SAI, the COA at your college or university, your status as a full-time or part-time student, and the amount of time that you will attend school during the academic year.

Pell Grant eligibility will be simplified for the 2024-2025 academic year. The maximum available amount will go to students or, if dependent, their parent(s) who fall below income thresholds for tax filing — adjusted gross incomes below 225% (single) or 175% (married) of the poverty line.

FSEOG

The Federal Supplemental Educational Opportunity Grant (FSEOG), which typically doesn’t have to be repaid (unless you don’t fulfill your end of the bargain by completing school), goes to students who demonstrate high need, as determined through the FAFSA.

The awards range $100 to $4,000 a year. The amount of money you can get depends not only on your level of need but also on when you apply, the amount of other aid you get, and how much your college or university can offer students.

Work-Study Programs

Work-study is a federally (sometimes state-funded) program that helps college students with financial need get part-time jobs either on or off campus to earn money for college. Students are typically responsible for securing their own work-study jobs.

Not all schools offer work-study, so it’s a good idea to reach out to the financial aid offices at the schools you’re interested in to see if they offer the program. To apply for work-study, you simply need to select the box on the FAFSA that indicates you want to be considered for work-study.

Direct Subsidized Loans

A Direct Subsidized Loan is a loan provided by the federal government for students who demonstrate financial need. You do not have to pay interest on the loan while you’re in school, during any deferment, or during the grace period. The government picks up this tab.

Before receiving the funds from a Direct Subsidized Loan, you need to complete entrance counseling, which goes over your obligation to repay the loan, and sign a master promissory note, which indicates that you agree to the loan terms.

For undergraduate students who get (or got) loans after July 1, 2023 and before July 1, 2024, the interest rate for Direct Subsidized Loans is 5.50%.

Direct Unsubsidized Loans

Like a Direct Subsidized Loan, a Direct Unsubsidized Loan comes from the federal government, but graduate and professional students can also receive these loans.

Unlike Direct Subsidized Loans, Direct Unsubsidized Loans are non-need based and the government does not pay the interest while you’re in school, during any deferment, and during the grace period. You will be responsible for paying all interest, which begins accruing as soon as the loan is dispersed.

For undergraduate students who get (or got) loans after July 1, 2023 and before July 1, 2024, the interest rate for Direct Unsubsidized Loans is 5.50%.

For graduate or professional students, the interest rate for Direct Unsubsidized loans is 7.05%.

It’s worth noting that for both types of Direct loans, you do not need to undergo a credit check in order to qualify. These types of loans also have annual and aggregate loan limits .

Direct PLUS Loan

Parents of undergraduate students and graduate or professional students can receive a Direct PLUS Loan from a school that participates in the Direct Loan Program. Some schools call this loan type a parent PLUS loan or grad PLUS loan to differentiate the two.

For Direct PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. There is also a 4.228% origination fee for all Direct PLUS loans first disbursed on or after Oct. 1, 2020.

You’ll undergo a credit check as a parent or a graduate/professional student to look for adverse events, but eligibility does not depend on your credit scores.

You can obtain up to the full cost of attendance of the school minus any other financial aid you receive.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Beyond Federal Student Loans

Do you have to file the FAFSA? No, it’s not required, but it is a good idea to do so. Schools, states, and other programs also use the FAFSA to determine merit-based grants and scholarships.

Aside from federal loans, here’s a look at other ways to pay for college.

Savings

Some parents, and grandparents, prepare for the task of paying for college well in advance using a tax-advantaged savings account, such as a 529 account. A 529 plan allows your savings to grow tax-free, and some states even offer a tax deduction on your contributions.The advantage of tapping into savings is obvious: You don’t have to borrow funds and pay interest.

Private Student Loans

Private student loans come from a bank, credit union, or other private lender. Loan limits vary by lender, but you can often get up to the total cost of attendance for school. Each lender sets its own interest rate and you can often choose to go with a fixed or variable rate. Unlike some federal loans, qualification is not need-based. However, you will need to undergo a credit check and students often need a cosigner.

You generally want to exhaust federal loan options before turning to private student loans, since private loans generally don’t offer the borrower protections — like income-based repayment plans and deferment or forbearance — that come with federal student loans.

Grants

Grants, which are typically need-based, are a type of financial aid that students generally don’t have to repay (unless they fail to finish the semester or year in college). The U.S. Department of Education offers the following grants besides Pell Grants and Federal Supplemental Educational Opportunity Grants:

•   Iraq and Afghanistan Service Grants

•   Teacher Education Assistance for College and Higher Education (TEACH) Grants

A student can seek other grants from their state, their college or career school, or another organization.

Scholarships

Scholarships, like grants, are a type of financial aid that you don’t have to pay back. You can apply for scholarships anywhere — through professional organizations, your job or your parents’ jobs, local organizations, religious groups, your college or career school — the list goes on.

There are a number of scholarship finders available online.

Part-Time Work

Even if you don’t qualify for work-study, you can look for a part-time job. If you have the time and energy to pair a part-time job with your studies, you can consider doing so after classes or on the weekends. Part-time work can help you pay for school or additional expenses, such as rent or groceries.

Private Student Loans With SoFi

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Can you get financial aid if your parents make over $100K?

The U.S. Department of Education doesn’t have an official income cutoff to qualify for federal financial aid. The reason is that the formula involved in determining need-based aid is complex and involves more than just your parents’ income. Assets, the size of your family, your school’s cost of attendance, and other factors all go into deciding how much aid you can receive.

Also keep in mind that not all financial aid is need-based, including Federal Direct Unsubsidized Loans and institutional merit aid. That’s why it’s important to fill out the Free Application for Federal Student Aid (FAFSA) each year.

How are FAFSA income limits different for divorced parents?

For the 2024-2025 FAFSA, the parent who provided more financial support to you is responsible for completing the FAFSA, regardless of who you live with. If the parent who provides greater financial support has remarried, your stepparent’s income and asset information must also be reported on the FAFSA.

Are FAFSA income limits different for independent students?

No. The U.S. Department of Education uses the same formula for calculating aid regardless of whether you are a dependent or independent student.

That said, independent students may receive more aid than dependent students simply because they tend to have less income and fewer assets to report. You can qualify as an independent student if you are any of these:

•   At least 24 years old

•   Married

•   A graduate or professional student

•   A veteran

•   A member of the armed forces

•   An orphan or a ward of the court

•   Taking care of legal dependents

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/Prostock-Studio

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOIS1023008

According to the US Bureau of Labor Statistics, the job outlook for software developers is going to increase by 25% from 2021 to 2031. This represents a significantly higher projected growth than the average for all occupations. Median annual pay for software developers was $120,730 in May 2021 (the most recent government statistic available.)

But how do you pay for the training? These programs can be pricey, and not all students have enough cash on hand to cover the cost. Fortunately, there are ways to make coding bootcamp more affordable. Read on for a closer look at how these programs work, including average costs and payment options.

What Do Students Learn in Coding Bootcamp?

Students will learn a variety of programming languages, rather than focusing on just one, to be equipped for a dynamic job market. When students graduate, they may have a portfolio, a website, profiles on programming websites, as well as interviewing and job hunting skills.

These programs teach frameworks and programming languages like JavaScript, CSS, HTML, Ruby on Rails, Python on Django, and PHP. According to a Course Report study, 79% of Bootcamp graduates find jobs as programmers.

Coding bootcamps are intensive programs that teach skills like data science, cybersecurity, full-stack web development, and technical sales, among others. Typically, the average Bootcamp is around 14 weeks long but can range anywhere from six to 28 weeks. Courses are offered online or in-person and at dedicated coding Bootcamp facilities or at universities a Bootcamp program might partner with.

How Much Does Coding Bootcamp Cost?

The coding bootcamp cost varies depending on the program. While the average full-time coding bootcamp in the US costs $13,584, bootcamp tuition can range from $7,800 to $21,000. It’s a good idea to ask about costs for the programs you are interested in so you’ll have adequate information to compare programs. The cost of coding bootcamp might seem high, but paying for a college degree can be a much costlier investment.

If the cost seems out of reach, looking into free coding bootcamps might be an alternative. Some free programs are open to anyone, while others require passing one or more tests. There are also free coding programs targeted to women, girls, and residents of underserved neighborhoods. Some of the free programs offer just basic instruction in coding, while others are more comprehensive.

Recommended: Are Coding Bootcamps Worth the Money?

Paying for Coding Bootcamp

There are a variety of options to pay for coding Bootcamp.

Loans

One option might be taking out a coding bootcamp loan. Some coding bootcamps partner with lenders that offer various terms and interest rates depending on a variety of the student’s financial factors. Bootcamps might also offer their own financing, or students might choose to apply for a loan through a bank or credit union. It’s important, however, to read the fine print of any loan agreement to be sure you’re aware of any fees, such as an origination fee or early repayment fee, that could add to the cost of the financing.

Alternative Ways to Pay Tuition

Coding Bootcamps may also offer an income sharing agreement (ISA) or deferred tuition. Students who choose an ISA agree to pay a percentage of their income to the school for a certain period of time after they graduate and find a job. With deferred tuition, students will either pay no upfront tuition or they’ll pay a small deposit, and then begin paying tuition once they graduate and secure a job.

The terms of each ISA or deferred tuition program differ by program. For instance, The Grace Hopper Program does not require students to pay tuition if they are unable to secure a job within one year of graduating. GeneralAssembly does not require students to pay tuition if they don’t secure a job that pays $40,000 within eight years of graduating.

Recommended: Ways to Pay for Your Child’s Tuition

Employer Funded

If students are already working, they might consider asking their employer to fund part of or all of their boot camp education. By demonstrating to their employer that by increasing their skill set they’ll be able to contribute more to the company and boost their productivity, their employer might be willing to pay for some of the program cost.

Recommended: How Does Tuition Reimbursement Work?

Military Benefits

US military veterans may be able to pay for their coding Bootcamp using their GI Bill benefits. Another funding source for veterans to look into is the Veteran Employment Through Technology Education Courses (VET TEC) program . This educational assistance program funds education for qualified veterans in computer software and programming training, and data processing, information science, and media applications programs. Benefits include housing costs incurred during the training program as well as tuition for full-time students.

Paying Out-of-Pocket

Using personal savings to pay for a coding bootcamp program is an option some students might have. While it may be difficult to part with the money, the return might be worth it. The median starting salary for a coding bootcamp grad is between $77,030 and $120,730.

Recommended: Jobs that Pay for Your College Degree

Coding Bootcamp Scholarships

Students seeking scholarship funds won’t have far to look. Like scholarships for any other education program, these are available to students who meet a variety of qualifications, for instance, residence in certain geographic locations, students of diverse genders and cultural backgrounds, veterans, and military spouses, among many others.

Some scholarships might be need-based, while others will be based on merit. The amount of tuition and other costs that are covered will vary by scholarship.

Types of Jobs for Coders

After graduating from coding bootcamp, students will be qualified to work in a variety of jobs, including:

•   Software engineer: working with Ruby, HTML, CSS, and JavaScript.
•   Data scientist: discovering insights from massive amounts of data.
•   Back-end web developer: using PHP, Sql, Ruby, Python, or Java.
•   Front-end web developer: utilizing HTML, CSS, and JavaScript to design websites.
•   Full-stack developer: troubleshooting website design on the front and back end.
•   Mobile developer: building mobile apps.

There are many options, and students can look for a job that best suits their skills.

The Takeaway

If you want to be a part of the growing technology field, a coding bootcamp might be a route you can take. While the cost can be a deterrent, there are a number of ways to make the tuition more manageable, including scholarships, deferred tuition programs, tuition financing, and/or an employer-based tuition reimbursement plan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Many people find that monitoring their checking account once or twice a week is a good cadence, but there’s no frequency that’s right or wrong. It’s a personal decision: Your checking account is likely to be the hub of your financial life, and so you may want to peek at your balance often or see what transactions have been conducted. At a minimum, it is recommended that individuals check their account monthly.

How Often Should You Check Your Bank Statement and Bank Account?

There is no exact science when it comes to how often you should monitor your checking account. How often you should check your bank account is a very personal decision.

At the very bare minimum, it can be important to check it at least once per month to look for signs of fraud and fees that were charged to the account, as well as to see how your money is being spent. Doing so can be an important part of better money management.

However, for most people, once per month is not enough. One benchmark study found that 36% of Americans check their bank account every day, while 30% check it once a week.

Should You Check Your Bank Account Every Day?

There are many reasons why you might want to monitor your bank activity as often as once per day. Doing so can help you take control of your finances in such situations as:

•   You have a tight budget and worry about your balance slipping too low when you pay bills.

•   You are a freelancer and want to see if a paycheck you deposited has cleared.

•   Your debit card is lost, and you’re worried it fell into the wrong hands and someone is swiping away with it.

•   If there was a data breach of some kind. While checking accounts are generally safe, it is wise to check your balance every day if you think you’ve been phished, scammed, or hacked. Closely monitoring your account can help you quickly detect and report bank account fraud.

However, for others, the answer to “How often should you check your bank account?” will be less frequent, perhaps weekly.

What Should You Monitor When You Have a Bank Account?

When you have a bank account, it’s wise to regularly check the following:

•   Your balance. Is it getting lower than you’d like?

•   Account alerts. Is anything flagged as needing your attention?

•   Transaction history. Are there any unauthorized or erroneous charges?

•   Fees and charges. Are you aware of what charges you may be incurring?

•   Spending trends. Has your occasional sushi lunch become an almost daily debit card expense?

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The Benefits: Why You Should Monitor Your Checking Account

Whether you decide that the right cadence for checking your bank account is daily, weekly, or another frequency, here are some of the rewards of keeping tabs on your checking.

Spot Hidden Fees

By regularly checking your bank account, you can keep an eye on fees you may be paying. Some financial institutions are notorious for charging hidden and/or excessive fees.

You might be surprised to see such charges as monthly account fees, ATM charges, overdraft and NSF fees, and more. You might want to dispute charges that you feel should not have been assessed.

Or, if you see that these fees are eating away at your cash, you might want to switch to a new bank.

Monitor for Fraud or Scams

Unfortunately, hackers and scams are part of life. Even with protective measures in place, it is possible for your account to be compromised. By checking your account regularly, you can keep an eye on any suspicious activity, such as an automatic withdrawal you don’t recognize or a debit card charge that isn’t yours.

The sooner you spot such issues, the faster you can deal with them. This can help you be liable for no or lower losses.

•   You are only responsible for up to $50 if you notify your bank within two business days of unauthorized charges with your debit card.

•   That figure rises to $500 if you notify your bank after two days but before 60 days after the bank statement showing the unauthorized transactions was issued.

•   If you take longer than 60 days to notify your bank, you could be liable for the full amount drawn on your account.

Stay on Track with Your Budget

Here’s why tracking your expenses and balancing your checking account can be important: These actions can help you follow your budget. For instance, if you’ve created a line-item budget and have been successfully sticking to it, you may still encounter an unexpected expense, such as a big dental bill or pricey car repair.

By knowing where your bank balance stands, you can determine if you can afford to pay that bill from checking or whether this counts as a good reason for when to use your emergency fund.

How to Monitor Your Accounts

Thankfully, banks generally offer a variety of ways to keep tabs when managing your checking account.

•   You can use your bank’s website or app to click your way to your account details.

•   Another digital option is to use a third-party app or website, where account holders can connect all of their accounts and see a comprehensive display of their money.

•   Some financial institutions will offer banking alerts for checking accounts. For instance, if your bank account is low or goes into overdraft or there’s suspected fraud, you might receive a text message, email, and/or push notification as an alert. This can help you keep in touch with where your account stands.

•   You can often check your balance at an ATM.

•   If you bank with a traditional vs. online bank, you can go into a branch in person. You could ask a teller for help viewing your balance.

•   Banks may also offer services via phone, where customers can call in and request their balance.

When to Get in Touch With the Bank

When your monitor your bank account, you may encounter a few key times when it’s important to get in touch with your bank:

•   If you see a fraudulent charge on your account, contact the bank as soon as possible. Many banks offer 24/7 customer assistance so customers can get in touch any time of day.

•   If you are charged fees for an overdraft or a bounced check, contact your bank. You might be able to get those fees reversed. A bank may only do this in the first or second instance or take a part of the fee off, but it’s better than nothing.

•   Another reason to call a bank is to see if there are any promotions available. Customers might be able to open a new high-yield checking account, receive a bonus, or lower their monthly fees. Banks may be willing to give customers perks so that they can retain their business.

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The Takeaway

Regularly checking your bank accounts is a vital part of keeping your finances on track. The exact frequency with which you look at your accounts is a personal decision, but what’s important is that you stay on top of your checking account.

Consider setting a calendar alert or reminder if you are having trouble remembering to review your accounts. Many people find that checking their account daily or once or twice a week is the right cadence.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Does it hurt to have too many checking accounts?

There may be times when you’d want to open up more than one checking account to keep, say, your income from your full-time job and your side hustle separate or to cover different kinds of expenses. However, you will likely need to keep an eye on all of your accounts and could potentially have to pay account fees and meet balance requirements for each.

What should you monitor when you have a checking account?

It can be important to monitor your checking account for a low balance or overdraft, for errors, for hidden fees, and for unauthorized transactions and other signs of fraudulent activity.

Do banks look at your checking account?

Banks may look at your accounts for a variety of reasons such as monitoring for fraud, gathering information on what services customers might need, and determining credit eligibility (say, if you have applied for a home loan).

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.